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Project financing in West Africa: the BIDC grants 2 new credit lines to Nigeria and Benin

10/04/2025
Source : ORISHAS FINANCE
Categories: Sectors

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The 91st ordinary meeting of the Board of Directors, held on 3 April 2025, by videoconference, under the chairmanship of Dr. George Agyekum Donkor, President of the BIDC and its Board of Directors. On the occasion, the Board of Directors of the ECOWAS Investment and Development Bank (BIDC) granted financing for a total amount of 230 million euros and 10 million

USD.

La BIDC finance des projets aimed at stimulating economic development and activities in West Africa.

According to a press release, these facilities will be allocated to projects according to this distribution.

- a $50 million line of credit to Sterling Bank Limited in the Federal Republic of Nigeria to support SMEs operating in a variety of sectors, including health, education, agriculture, renewable energy, and transport.

- a 10 million euro facility to Benin Cashew SA to co-finance the construction of five raw cashew nut processing plants and a cashew balm production plant in the Glo Djigbé industrial zone (GDIZ) in the Republic of Benin. According to information, this project should cover 50% of the needs of national cashew nut production while creating 1,666 permanent and daily jobs within the framework of the Strategic Plan for the Development of the Agricultural Sector of

Benin.

- a USD 180 million line of credit to Mota-Engil Nigeria to co-finance the Kano-Maradi standard gauge railway project, connecting northern Nigeria to Niger. According to the press release, “this strategic project will strengthen regional integration, facilitate cross-border trade and will create over 100,000 jobs during the construction phase and 20,000 permanent jobs once operational

.”
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